Peter D has a long-running and very successful system of selling premiums on a regular basis that’s well worth learning . We recently ran a collection of comments following through on some trades over time and quite a while ago Sage wrote an article relating this strategy to longer-term stock plays , which provides some additional ideas on how to apply this strategy.  Peter has been kind enough to provide us with a definitive guide to help set you on the road to a successful carrer as a strangler.  The following is a collection of posts on Short Strangles and the Crazy plays on the indices (SPX, RUT, NDX, etc.):   1- The Crazy play consists of a Short Strangle and a protective long put vertical . These plays are mainly for Portfolio Margin accounts, with balance greater than $125,000, preferably over $200k as the margin can swing wildly.   http://www.philstockworld.com/2009/12/03/thrilling-thursday-japan-jump-juices-futures/#comment-272396     2- Very rough comparison among Short Strangle, Iron Condor, Buy/Write and straight stock purchase . Note the rolling tips in the second to last paragraph:   http://www.philstockworld.com/2009/11/20/friday-dell-misses-is-goldman-sachs-stupid-or-evil/#comment-270495     3- VIX, the effects of:   http://www.philstockworld.com/2009/12/02/which-way-wednesday-47/#comment-272331     4- Possible adjustments of the Crazy Play:   http://www.philstockworld.com/2009/12/19/wild-weekly-wrap-up-17/#comment-276237   Additional discussion on the doubling down :   http://www.philstockworld.com/2010/01/07/thrill-ride-thursday-retail-sales-and-maybe-some-jobs/#comment-278802     5- Figuring out the margin requirement for short strangle using Thinkorswim Analyze Tab:   http://www.philstockworld.com/2009/12/19/wild-weekly-wrap-up-17/#comment-276242     6- Setting up February 2010 spreads on Jan 4th:   http://www.philstockworld.com/2010/01/04/monday-market-movement-my-2010-technical-outlook/#comment-278096     7- Thoughts on Delta movement with respect to the underlying: http://www.philstockworld.com/2010/01/20/whig-party-wednesday-republicans-take-kennedys-seat-at-the-table/#comment-281552     8- Selling into a VIX excitement, play-by-play examples , including the discussion on escape routes:   http://www.philstockworld.com/2010/01/26/tightening-tuesday-global-edition/#comment-283221 http://www.philstockworld.com/2010/01/26/tightening-tuesday-global-edition/#comment-283222 http://www.philstockworld.com/2010/01/26/tightening-tuesday-global-edition/#comment-283223